Corn Heads Lower into the Weekend
Corn futures closed out the Friday session with contracts 2 to 3 cents in the red as forecasts remain wet. September was down 9 cents on the week. The CmdtyView national average new crop Cash Corn price was down 2 1/4 cents at $3.77 As we round out July, rain is expected to make its way from the northern Plains most of the Eastern Corn Belt in the next week, with 1 to 2 inches.
USDA reported a private export sale of 102,870 MT of corn sold to Mexico this morning for new crop shipment. Another 140,000 MT was reported to South Korea all for 2025/26.
CFTC data from this afternoon showed a total of 2,610 contracts added back to the net short in the managed money position as of July 22 to 177,365 contracts.
Weekly Export Sales data has total corn export commitments at 70.110 MMT, which is above the USDA estimate for the full year and compared to the 102% average pace by now. Exports are now 60.172 MMT, or 86% of the USDA number and behind the 89% average.
Sep 25 Corn closed at $3.99 1/2, down 2 1/4 cents,
Nearby Cash was $3.84 1/1, down 3 cents,
Dec 25 Corn closed at $4.19, down 1 3/4 cents,
Mar 26 Corn closed at $4.36 1/2, down 1 3/4 cents,
New Crop Cash was $3.77, down 2 1/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
